Silicon Carbide Market Size to Increase at a CAGR of 17% in the Forecast Period of 2023-2028

The ‘Global Silicon Carbide Market Share, Price, Size, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global silicon carbide market, assessing the market on the basis of its segments like product, device, end user, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

Silicon Carbide Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 17%

The increasing demand for steel is bolstering the growth of the silicon carbide market as silicon carbide is widely used as a deoxidising agent in the steel industry and is also a commonly utilised raw material in refractories. As the thermal conductivity of silicon carbide refractories is higher than fireclay refractories, the usage of silicon carbide in the steel industry is significantly increasing. With the growing demand for steel, there is expected to be a hike in the market for refractories that will in turn foster the growth of the market for silicon carbide.

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Usage of silicon carbide power modules in electric vehicles is one of the major factors aiding the growth of the silicon carbide market. The widespread demand and adoption of electric vehicles is boosting the market for silicon carbide. The cost of silicon carbon is slightly higher than that of silicon, but the benefits justify the price of silicon carbide as it provides improved efficiency and is able to operate in high temperatures. EVs that have silicon carbide achieve faster charging and longer driving ability which helps increase the demand for silicon carbide.

Silicon Carbide Industry Definition and Major Segments

Silicon carbide is a compound that contains silicon and carbon and is used as a semiconductor in semiconductor device applications. A wide bandgap semiconductor, silicon carbide has excellent electronic and physical properties due to which it is extensively used in various power electronics. It is used in the manufacturing of high voltage and high temperature devices.

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On the basis of product, the market is segmented into:

• Black
• Green
• Others

Based on device, the market is divided into:

• Discrete devices
o Breakup by Type
 MOSFET
 Diode
 Module
 Others
• Bare die

On the basis of end user, the market is classified into:

• Steel
• Automotive
• Aerospace
• Defence and Military
• Healthcare
• Electrical and Electronics
• Others

Based on region, the market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Silicon Carbide Market Trends

The increasing demand of using renewable energy such as solar power is a key trend escalating the silicon carbide market. With the growing awareness and importance of solar energy there is a significant hike in the demand for solar energy which is fostering the growth of the market for silicon carbide. Solar power systems incorporated with silicon carbide facilitate higher efficiency while reducing the inverter size as these converters offer advantages like increased frequencies and reduction in size and cost of magnetic elements.

The defence and military usage of silicon carbide is experiencing rapid growth due to the rising applications of silicon carbide in power management solutions and in controlling motor applications. Silicon carbide is used for low-weight components that results in reduction of fuel consumption and emissions in the defence and military sector. Silicon carbide is also a useful component to improve the strength and toughness of protective vests and body armour to stop bullets. The usage of silicon carbide device in the production of army EVs helps to boost the mobility and speed of trucks is also a key trend supporting the growth of the silicon carbide market.

Key Market Players

The major players in the global silicon carbide market report are

• AGSCO Corp.
• Entegris, Inc.
• ESK-SIC GmbH
• Grindwell Norton Ltd
• Imerys Graphite & Carbon Ltd
• Xiamen Powerway Advanced Material Co., Ltd
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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